Elon Musk, who still tops the list of the richest people with $260 billion, may want to look behind him. It took Adani less than 10 months to climb to second place after starting the year in 14th place.
Adani’s fortune of $146.9 billion, largely tied to shares in the sprawling Adani Group conglomerate, is still well below Musk’s $260 billion. The group operates a range of businesses, including ports and coal companies, which have flourished well in recent years.
Shares of some of the Adani Group companies have jumped more than 1,000 percent since June 2020. This is the first time that an Asian person has appeared at the top of Bloomberg’s list.
This reflects investor confidence in the conglomerate in areas such as infrastructure and renewable energy, which Prime Minister Narendra Modi has identified as priority areas for development. Shares of leading company Adani Enterprises rose more than 115 percent in 2022. In February, Adani overtook Indian businessman Mukesh Ambani to become the richest man in Asia.
The Amazon founder’s fortune has fallen sharply
Jeff Bezos’ net worth fell to $145.8 billion, according to Bloomberg, as technology shares took a hit amid a broad share sale on Friday. Amazon shares are down 3 percent in early trading, and shares are down more than 25 percent this year.
The Amazon founder used to be at the top of the list, but his fortune dwindled after his divorce in 2019. Most of his fortune is tied up in Amazon stock. According to Bloomberg, the tech sale has cut $45 billion from Bezos’ net worth since January. CNN.
(Cover Image: Jeff Bezos. Photography: Paul Ellis/Paul/Getty Images Hungary)
